RUBICON, the British engineering company that took over Higgins Engineering of Galway for an initial £25 million a year ago, has paid a further £2.3 million to the Higgins family in a deferred payment. The additional payment is based on a formula linked to Higgins' profits.

When Rubicon acquired Higgins in February 1996, Mr Joe Higgins and his family received £20 million in cash and £5 million worth of Rubicon shares. The acquisition agreement also makes provision for further profit related payments over the following five years subject to a maximum of £75 million.

In addition, the founder of the company, Mr Higgins, was appointed to a three year contract by Rubicon at a salary of nearly £85,000 and was also appointed to the Rubicon board.

Higgins Engineering was set up in 1978 in Galway and manufactures metal cabinets for the computer and telecommunications industries.

In a statement with its half year results, Rubicon said that "Higgins Engineering is progressing satisfactorily. It continues to work with its major customers in Ireland. During the period it began supplying assemblies to Nortel from a new Canadian facility."